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ECONOMIC GOALS: The five basic conditions of the mixed economy that are generally desired by society. We typically divide these five into macro goals (full employment, stability and economic growth) and micro goals (efficiency and equity).
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Lesson 6: Supply | Unit 4: Determinants
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Page: 17 of 19
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- How relaxing the ceteris paribus assumption makes further analysis of supply and markets possible.
- How the changes in the supply determinants cause rightward or leftward shifts in the supply curve.
- The five basic supply determinants: resource prices, technology, prices of other goods, sellers' expectations, and number of sellers, and how each shifts the supply curve.
- How a change in the price of a substitute-in-production affects supply differently than a change in the price of a complement-in-production.
- Most important of all, the difference between a change in supply, caused by a change in a supply determinant, and a change in quantity supplied, caused by a change in price.
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MARGINAL BENEFIT OF SEARCH The incremental benefit generated by additional search effort is the marginal benefit of search. Marginal benefit of search, also termed marginal search benefit, is comparable to marginal revenue of short-run production analysis and marginal utility of consumer demand theory. Marginal benefit of search decreases with an increase in search effort and is represented by the marginal benefit of search curve. This is one half of the efficient information search decision. The other is marginal cost of search.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway seeking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for letters from the Internal Revenue Service.
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The average length of a "business lunch" is about 36 minutes.
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"When you play, play hard; when you work, don't play at all. " -- Theodore Roosevelt, 26th US president
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IAB
Inter-American Bank
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